U.S. Dollar Pulls Back As Treasury Yields Fall: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Settled Near The 99.00 Level

U.S. Dollar Index is stuck near the resistance at 99.00 – 99.20 as traders react to Wholesale Inventories report, which indicated that Wholesale Inventories increased by +0.2% month-over-month in April.

In case U.S. Dollar Index settles below the 99.00 level, it will head towards the nearest support level, which is located in the 98.00 – 98.20 range.

EUR/USD Tests Resistance At 1.1410 – 1.1425

EUR/USD gained some ground as traders focused on the pullback in Treasury yields. The yield of 2-year Treasuries declined towards the 4.00% level, while the yield of 10-year Treasuries moved below 4.50%.

If EUR/USD manages to settle above the resistance at 1.1410 – 1.1425, it will head towards the next resistance level at 1.1555 – 1.1570.

GBP/USD Gains Some Ground In Choppy Trading

GBP/USD moved higher as traders focused on general weakness of the American currency.

RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term. If GBP/USD stays above the 1.3550 level, it will head towards the resistance level at 1.3620 – 1.3640.

USD/CAD Is Losing Ground As Silver And Platinum Test New Highs

USD/CAD continues its attempts to settle below the support at 1.3650 – 1.3665 as traders react to the strong rally in precious metals markets. Other commodity-related currencies are moving higher in today’s trading session.

A successful test of the support at 1.3650 – 1.3665 will open the way to the test of the next support level at 1.3575 – 1.3590.

USD/JPY Retreats As Traders React To Japan’s GDP Growth Rate Report

USD/JPY is losing ground as traders focus on the first-quarter GDP Growth Rate report from Japan. The report indicated that GDP Growth Rate was 0%, compared to analyst forecast of -0.2%.

If USD/JPY declines below the support at 143.50 – 144.00, it will head towards the next support level at 140.00 – 140.50.

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